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The Benefits of Bankruptcy

Find Relief from Debt. Get a Fresh Start.

Many people think of bankruptcy as something to avoid—a last resort for people who have exhausted all other means of resolving their debts. While bankruptcy is not for everyone, we at Axelrod Law Office want you to understand that bankruptcy is not a bad thing!

Rather, it is a government-provided means of helping individuals in need get a fresh start. There are many benefits involved for those who file bankruptcy wisely.

Our lawyers can sit down with you to discuss your options and help you decide if filing for Chapter 7 or Chapter 13 bankruptcy could be beneficial for you and your family, ultimately freeing you from your overwhelming debt for good. Read about the bankruptcy benefits below and then get in touch with a lawyer who can help.

Curious about the benefits of bankruptcy? Call us at (440) 926-6639 or fill out our online contact form to schedule a free bankruptcy case evaluation.

What Are Advantages of Filing Bankruptcy?

One of the biggest benefits of filing for bankruptcy is that it triggers an automatic stay that stops creditors from trying to collect on your debts.

That means that they can’t:

  • Call you
  • Sue you
  • Send you letters
  • Or repossess any of your property

The following are reasons why bankruptcy can be very beneficial:

  • Debt discharge- Once your bankruptcy process is complete, your eligible debts will be “forgiven.” This means you will no longer be required to repay them, giving you the financial freedom you’ve been seeking for so long.
  • No more harassing creditors– Filing for bankruptcy will place an “automatic stay” on all credit collection. By law, creditors will no longer be allowed to contact you after you file for bankruptcy. Say “goodbye” to all those collection calls and letters!
  • You can keep certain property – Don’t assume that you will lose everything you own! Speak with a bankruptcy lawyer in Mentor because, depending on your situation, you may qualify for exemptions that protect certain vital property from being liquidated (repossessed or auctioned off as repayment for part your debt).
  • Credit Restoration – Keep in mind that bankruptcy does affect your credit score; however, it also gives you the opportunity to start rebuilding your credit sooner rather than later. Once you’ve filed bankruptcy, you can start over again with a clean slate.

Think Bankruptcy Is Right for You? Call Axelrod Law Office for Guidance!

Consulting a caring and knowledgeable bankruptcy attorney can help you make a confident decision regarding your financial future. Axelrod Law Offices has almost 15 years of experience helping clients seek a brighter future through bankruptcy and debt relief. Our team could help you, too. Call us today!

To connect with our team, dial (440) 926-6639 or contact us today to schedule your free consultation to learn more about the advantages of filing for bankruptcy.

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